{Economic Information Daily, 5th exclusive} Budweiser APAC (01876) is currently down 1.6%, trading at HK$5.585, with approximately 3.88 million shares traded, amounting to HK$216.7 million.
Budweiser APAC announced that internal restructuring costs and provisions for receivables totaling USD 82 million during the third quarter ended September 30 will have a negative impact on the group's profit attributable to equity holders for the three months ended September 30.
The group stated that the internal restructuring during the period involved certain mainland subsidiaries, including Budweiser Xuejin Brewing, aimed at enhancing capital efficiency, and is expected to result in non-underlying withholding tax expenses of approximately USD 52 million.
Additionally, the group supplies beer products to the government-owned beverage company in Telangana State, India, but certain receivables remain unpaid and overdue. Given the prolonged delay in payment, the group will make a provision of approximately USD 30 million against these receivables in its financial results for the three months ended September 30. The related year-on-year changes will be reported as scope changes and will not impact the group's organic growth. The group will continue to make every effort to recover the outstanding amounts and take all necessary actions to protect the interests of the group and its shareholders.
Currently, the Hang Seng Index stands at 23,931, down 40 points or 0.2%, with turnover on the main board nearing HK$42.8 billion. The Hang Seng China Enterprises Index is at 8,018, down 11 points or 0.1%. The Hang Seng Tech Index is at 4,173, up 15 points or 0.4%. (vs)
Budweiser APAC announced that internal restructuring costs and provisions for receivables totaling USD 82 million during the third quarter ended September 30 will have a negative impact on the group's profit attributable to equity holders for the three months ended September 30.
The group stated that the internal restructuring during the period involved certain mainland subsidiaries, including Budweiser Xuejin Brewing, aimed at enhancing capital efficiency, and is expected to result in non-underlying withholding tax expenses of approximately USD 52 million.
Additionally, the group supplies beer products to the government-owned beverage company in Telangana State, India, but certain receivables remain unpaid and overdue. Given the prolonged delay in payment, the group will make a provision of approximately USD 30 million against these receivables in its financial results for the three months ended September 30. The related year-on-year changes will be reported as scope changes and will not impact the group's organic growth. The group will continue to make every effort to recover the outstanding amounts and take all necessary actions to protect the interests of the group and its shareholders.
Currently, the Hang Seng Index stands at 23,931, down 40 points or 0.2%, with turnover on the main board nearing HK$42.8 billion. The Hang Seng China Enterprises Index is at 8,018, down 11 points or 0.1%. The Hang Seng Tech Index is at 4,173, up 15 points or 0.4%. (vs)
